@Anonymous wrote:
I have spent the last 3 years getting myself out of debt. I have numerous late payments on my credit history (all are 2 years or older, most are closer to 3 years). I have paid off all of my debt minus my student loans but am over a year ahead on payments. My spouse and I are looking to purchase a new house - he has a completely clean history and great score (over 800). Mine on creditkarma is 750, I haven't paid to get my actual ones yet but did look over the reports. We are looking to put between 15 and 20% down on the house. My question is, is this going to be an issue for us getting a loan?
^^^ The credit karma score is not related to any type of actual credit scoring that lenders use (for anything). It is their own algorium called Vantage 3.0
There is no mathmatical relationship between the Vantage scores of Credit Karma and actual FICO scores (of any variety). Read about mortgage scores in the sticky above this section.
If you are serious about getting a mortgage, pull your own scores here first so you can get your scores that are used for mortgages (not FICO 8 scores either). This way you will know if you and your husband are in a position to get a mortgage or if you have to tweek some items to get one.
If you have the ability to put down 20% + your closing costs, you will save on PMI (if it is a conventional mortgage). However, if you have less, then there are many programs available with a lower down payment. Depending upon your scores it may be beneficial to get something with a 3% or 5% or 10% down payment.
The very first step though is getting your actual scores for both you and your husband. Look at the mortgage scores.
